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SCHOOLS FINANCIAL VALUE STANDARD SFVS

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                                                                Wandsworth Council
                                                                Children’s Services Department
                                                                Town Hall, Wandsworth High Street
                                                                London, SW18 2PU

                                                                Please ask for/reply to: Angela Cormack
                                                                Telephone: 020 8871 7886
                                                                Fax: 020 871 5739
                                                                Minicom: 020 8871 8275
                                                                Email: acormack@wandsworth.gov.uk
    To: All Schools
                                                                Website contributor: Angela Cormack
                                                                           nd
                                                                Date: 22        August 2011



   Dear Colleague,

     Circular letter               20110822FINmb
     reference number              SCHOOLS FINANCIAL VALUE STANDARD (SFVS)
     and title
     Purpose of this               Information regarding Schools Financial Value
     circular letter               Standard (SFVS)
     Action required                       For information and reference

     Response by                   No reminder required - current information

                     SCHOOLS FINANCIAL VALUE STANDARD (SFVS)

   The Schools Financial Value Standard (SFVS) was published on 18 th July 2011
   and replaces the Financial Management Standard in Schools (FMSiS).


   The standard is a requirement for all local authority maintained schools and must
   be carried out annually. The first run through is required by 31 st March 2013 unless
   your school did not meet the FMSiS standard in which case the deadline is 31 st
   March 2012.


   The standard is primarily aimed at governors and consists of 23 questions which
   governing bodies should formally discuss with the head teacher and senior staff.


   The questions are split into 4 sections and require an answer of Yes, In Part or No.




                                                                           www.wandsworth.gov.uk
   Director of Children's Services: Paul Robinson
   Assistant Director (Planning and Resources): Sarah Harty
1. Yes answers - the comments column should be used to indicate the main
evidence on which the governing body based its answer (there is no prescription
of the level of evidence. The important thing is that governors are confident of their
answers)


2. In Part or No answers – the comments column should contain a brief summary
of the position and proposed remedial action.


Section E of the standard is for a summary of any remedial actions and a timetable
for reporting back. Each action must have a specified deadline and the name of
the person responsible.


The governing body may delegate the consideration of the questions to a finance
or other relevant committee, but a detailed report must be provided to the full
governing body and the chair of governors must sign the completed form.


There is no external assessment, however a copy of the signed standard must be
sent to the Council’s Audit section and they will check whether the self-
assessment is in line with their own judgement.


Please note that there is still a requirement for benchmarking of income and
expenditure under the Value for Money section (section C).


The SFVS template together with supporting notes and documentation can be
found at the link below

http://www.education.gov.uk/schools/adminandfinance/financialmanagement/Scho
ols%20Financial%20Value%20Standard

Maria Bishop




FMS Trading A/C Manager

				
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